I was trying to install Ubuntu on an older laptop which doesn't have a DVD ROM or a USB boot capabilities. Is there an option to burn the image files to a Cd ROM? I am pretty sure that the size of the image file may be slightly larger to fit on a CD ROM. Is there a way to split the image files and use two CD Roms instead?

This may be possible if you have two optical drives, although I have no idea how, though. In answer to your question, your proposed method is impossible, since the live OS loaded into ram will be trying to access non-existent data (likely in /dev/sr0) when installing.

But you can use the minimal image[0], as jmreicha suggested, to burn to a 700MiB CD and install the ubuntu-desktop package after installation:

$ sudo -i # or 'su -'
# apt-get install ubuntu-desktop

Notes

The installer from the minimal CD is simple enough to not explain, but I've had trouble with wireless donogles when installing (the installer needs to retrieve packages from the ubuntu servers), so I would use an ethernet cable if available during the installation process.

I had a similar situation where I could burn only CD and not DVD and wanted to install Ubuntu on a "new" older computer that I got. What I did was download 12.04 (693 MB ISO that can be burnt to CD) and then upgrade to 12.10. This may be a more time consuming process. Does the computer have a floppy drive? Can it boot over a network using PXE?